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City officials in the northern Chinese city of Tianjin say they are in talks with a multinational consortium about building a Paramount-branded theme park.

L.A.-based consultancy group Economics Research Associates has been retained by Paramount Parks, Golden Hill Associates and Tianjin TV to evaluate potential for the development.

While no agreement has been signed, officials say the U.S. partners could invest up to $7 billion.

In a report carried by the South China Morning Post, Gong Tieying, deputy director of the city’s government information office, described the project as a seaside “leisure block” in a development in the Binhai area.

Tianjin also boasts other tourist attractions including the disused Russian aircraft carrier Kiev.

News follow last year’s opening of a Disneyland park in Hong Kong, talks of a second Disney park in Shanghai and MGM’s announcement that it will build a park in Busan, South Korea.

Paramount Parks, now part of CBS Corp., operates five theme parks in the U.S. and Canada.

In 2004 it announced an agreement with Japan Trade of Fukuoka, Japan, and its U.S. partner Gateway Entertainment Group of Orange County to jointly build a park in Japan featuring attractions and venues based on the Paramount studio’s archive of more than 3,000 film and television properties. Economics Research Associates was a consultant on that project and is also consulting on Ocean Park, an independently operated theme park that rivals Disneyland in Hong Kong.